Sunshine Nuohe disclosed its 2026 earnings forecast, projecting attributable net profit for the first half at negative 14.9718 million yuan to negative 29.9436 million yuan, a year-on-year decrease of approximately 144 million yuan to 160 million yuan, representing a decline of 111.53% to 123.06%. Over the same period, attributable net profit after deducting non-recurring items is expected at negative 14.9704 million yuan to negative 29.9408 million yuan, a year-on-year decrease of about 135 million yuan to 150 million yuan, a drop of 112.51% to 125.02%. Based on this, the company's second-quarter attributable net loss is estimated at 35.6028 million yuan to 50.5746 million yuan, a quarter-on-quarter decline of 272.57% to 345.14%, swinging from a first-quarter profit to a substantial loss. The main reason for the turnaround is the absence of large-scale business development revenue booked this year, while the normalization of volume-based procurement policies, intensifying industry competition, and the company's scaling back of low-margin projects have led to reduced orders and revenue in pharmaceutical-related businesses, diminishing profit contributions from traditional operations. Additionally, a significant year-on-year increase in share-based payment amortization expenses from equity incentives further weighed on profitability. Sunshine Nuohe is shifting its growth focus to innovative drug and modified new drug research and development services, a segment that contributed 248 million yuan in revenue in 2025 with a gross margin as high as 96.87%, but project licensing income is highly dependent on deal timing and exhibits significant volatility. The company also plans to raise up to 240 million yuan to invest in a nucleic acid drug discovery and pilot-scale platform, though its small nucleic acid business is still in the early stages of development and is unlikely to generate significant revenue in the short term.
Beijing Sun Novo Pharmaceutical Research Co LtdCompany forecasts sharp first-half loss with attributable net profit down over 111% year-on-year due to absence of large-scale business development revenue, reduced orders, and increased share-based payment expenses.